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Fly Me reports big loss

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12:02 CEST+02:00
Low price airline Fly Me reported a net loss of 63.4 million kronor for the first quarter in its report, which was made public on Wednesday. The company's net loss was 24.3 million kronor at this time last year.

Turnover increased to 150.7 million kronor, up from last year's turnover of 90.8 million kronor.

Fly Me's results are weighed down by 51.5 million kronor in the form of costs for the expansion that is to allow the company to double its turnover on its own.

During the period, 206,000 passengers flew with Fly Me, an increase of 57 percent compared to the first period in 2005.

“With the commercial grip that has recently taken and the growth strategy that the board has chosen, the company's possibilities to show a positive quarter report already in later 2006 look good,” the report said.

Talks on a partnership with Danish airline Sterling depend indirectly on Fly Me's cooperation with the Icelandic financiers Glitnir.

“Fly Me needs an experienced financial advisor like Glitnir to, within a short period, make a big acquisition or evaluate a big stock offer with the purpose of taking part in the future consolidation of the European flight market,” the report said.

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